{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{6}{c}}
\hline\hline
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}\\
                    &\multicolumn{1}{c}{LQD}&\multicolumn{1}{c}{HYG}&\multicolumn{1}{c}{MBB}&\multicolumn{1}{c}{VMBS}&\multicolumn{1}{c}{SPY}&\multicolumn{1}{c}{IWM}\\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel A: Crisis Localization}} \\
 $ D_t^{(\tau^*)} $ &       -4.98***&       -0.18   &       -3.41***&       -2.83***&       -0.03   &        2.85***\\
                    &      (0.58)   &      (0.56)   &      (0.41)   &      (0.42)   &      (1.22)   &      (1.02)   \\
[1em]
Crisis $\times$  $ D_t^{(\tau^*)} $ &        0.30   &        0.19   &        1.80***&        4.51***&        0.97   &       -2.64*  \\
                    &      (0.72)   &      (0.69)   &      (0.43)   &      (1.58)   &      (1.56)   &      (1.42)   \\
\hline
Obs.                &         794   &         661   &         647   &         376   &         941   &         811   \\
$ R^{2}$            &        0.40   &        0.00   &        0.35   &        0.15   &        0.01   &        0.01   \\
Sample              &   2002-2017   &   2007-2017   &   2007-2017   &   2009-2017   &   1995-2017   &   2001-2017   \\
\hline
\\
\multicolumn{7}{l}{\textbf{Panel B: Crisis and Maturity Localization}} \\
 $ D_t^{(\tau^*)} $ &       -1.54***&       -5.20***&       -8.74***&       -0.84***&       -2.98***&       -4.32***\\
                    &      (0.18)   &      (0.37)   &      (0.93)   &      (0.17)   &      (0.25)   &      (1.24)   \\
[1em]
Long $\times$  $ D_t^{(\tau^*)} $ &       -0.22   &       -0.88   &       -4.45*  &        0.23   &       -0.58   &       -4.37   \\
                    &      (0.38)   &      (1.46)   &      (2.31)   &      (0.28)   &      (0.62)   &      (3.37)   \\
[1em]
Crisis $\times$  $ D_t^{(\tau^*)} $ &        0.19   &        0.95   &        1.72   &       -0.15   &        0.79*  &       -2.23   \\
                    &      (0.25)   &      (0.58)   &      (1.36)   &      (0.30)   &      (0.46)   &      (2.85)   \\
[1em]
Long $\times$ Crisis $\times$  $ D_t^{(\tau^*)} $ &        0.04   &       -2.72*  &       -5.73*  &       -0.11   &       -0.54   &      -21.22** \\
                    &      (0.51)   &      (1.61)   &      (3.15)   &      (0.52)   &      (0.81)   &     (10.82)   \\
\hline
Obs.                &         664   &         653   &         569   &         647   &         642   &         401   \\
$ R^{2}$            &        0.36   &        0.62   &        0.38   &        0.14   &        0.28   &        0.19   \\
Sample              &   2007-2017   &   2007-2017   &   2007-2017   &   2007-2017   &   2007-2017   &   2010-2017   \\
\hline\hline
\end{tabular}
}
